A REVIEW OF THE BUSINESS FACILITATION (MISCELLANEOUS PROVISIONS) ACT 2023

On the 17th of April 2024, the firm of Anaje. Olumide. Oke. Akinkugbe (carrying on business as AO2LAW®) held a stakeholders’ webinar with the theme: “Pension Fund Administrators and Pension Fund Custodians: Rethinking the Strictures on Common Control”. The webinar commenced with a keynote address delivered by Mr. Chinedu Anaje, FCIArb, a Partner at AO2LAW. In his address, Mr. Anaje highlighted the roles of the key players within the Nigerian pension industry and reiterated the need for continuous stakeholder engagement to ensure the growth and development of the pension industry in Nigeria. He equally expressed the view that while the extant law on pensions in Nigeria, the Pension Reform Act of 2014 (the “Act”) had been largely successful in actualising its objectives, it was imperative for the stakeholders within the sector to mull over a possible fine-tuning of certain provisions of the Act to ensure alignment with economic realities and international best practices in the administration of pensions.

Nigeria’s pension system has undergone significant transformations since its inception in 1951. Initially plagued with malpractices, budgetary issues, weak administration, and a lack of accountability, the system has evolved into a defined contribution scheme for both public and private sector employers and employees. In 2004, the Federal Government enacted the Pension Reform Act 2004 (“PRA 2004”), instituting the Defined Contributory Pension Scheme (“CPS”) and establishing the National Pension Commission (the “Commission”) as the regulatory authority.